Arkansas has made a head-coaching offer to LSU's Les Miles, the New Orleans Times-Picayune reports, citing a source.

The Razorbacks offered five years, $27.5 million, according to the paper.

"They made a serious offer," a source told the newspaper. "(Athletic director) Joe (Alleva) is meeting with (Miles') agent and the discussion is ongoing."

Miles' agent, George Bass, dismissed the report on Tuesday, telling the Arkansas Democrat-Gazette: "There's nothing like that going on."

But a source told ESPN on Wednesday that there has been mutual interest between Miles and Arkansas, although a deal likely will not happen.

LSU sports information director Michael Bonnette told the Times-Picayune that Miles "didn't have anything to say." Miles is scheduled to address the media Wednesday at 4 p.m. ET in his season-ending session.

LSU beat Arkansas in its final regular-season game on Friday, finishing with double-digit wins for the sixth time in eight seasons under Miles.

Arkansas athletic director Jeff Long announced Saturday the school would not be bringing back John L. Smith.

The former Michigan State and Louisville coach was hired from Weber State in April to replace the fired Bobby Petrino and signed to a 10-month contract. Long says that once a new coach is hired, Smith will be reassigned as a consultant through the end of his deal on Feb. 23, 2013.